Govt announces steps taken to curb black money
The Dollar Business Bureau The government on Tuesday announced the steps and decisions it has taken in the last two years to curb the menace of black money in India and outside the country.Listing out the initiatives, the Ministry of Finance said it had enacted a new Black Money Act with strict penalty provisions. It has formed a Special Investigation Team (SIT), which has, in the past, formulated a new Income Disclosure Scheme for domestic black money. The SIT has also unearthed tax evasion of about Rs. 50,000 crore of indirect taxes and Rs.21,000 crore of undisclosed income through enhanced enforcement measures. It has also seized goods used for smuggling activities worth Rs 3,963 crore over the past two years. The ...
Cooperation with India on tax issues at good level: Switzerland
Source: PTI Confident of stronger bilateral and trade ties with India, Switzerland has said its cooperation on tax matters in terms of sharing information on suspected black money cases would continue at “a good level”. It has also invited Prime Minister Narendra Modi on a state visit to bolster relationship between the two countries, Swiss Finance Minister Ueli Maurer told PTI in an interview in Davos. Maurer, who on Thursday night met Finance Minister Arun Jaitley on the sidelines of the World Economic Forum Annual Meeting, said Switzerland is also keen to expand the relationship between industries of the two countries. Asked whether there could be greater cooperation on information exchange in tax matters, he said: “We have already agreed on ...
